If an investment managemet firm has 10 yrs of performance record and the verification report says that the firm is GIPS compliant, does that mean they have verified 10 yrs of performance data?

Short answer: No, firm verification is not verification of performance data.

GIPS third-party verification does not verify the performance of a specific fund or composite. Verification focuses on the policies and procedures in place for ensuring compliance with GIPS standards.

An investment firm can pay and have a separate verification for a specific composite verified, but this is separate from verification at the firm level. Keep in mind that a firm must first be verified as GIPS compliant before a separate composite-level verification is performed.

Ok. Nice input.

But another question is would the verification firm verify the policies and procedures of the investment firm for the last 10 yrs that the investment firm is claiming to be GIPS compliant.